Homeowners shop around to save

RICHARD MEADOWS AND MARIA SLADE

Last updated 14:03 17/07/2012

STUFF.CO.NZ

With the OCR at historically low levels many homeowners are considering fixed term mortgage rates. In the final video of our series on mortgage rates Laura Westbrook reports on but how long should they fix for?

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RATE COMPETITION: Survey backs anecdotal evidence that homeowners are playing musical chairs with their banks.

''If you ask a person a question in a certain way they will say they're going to shop around. A lot of people are really just looking for advice to make sure their existing lender is giving them a good deal, and in most cases they are.''

Meanwhile Loan Market was seeing good volumes of first home buyers, who saw how much rent was costing them compared with the cost of servicing a mortgage at the current competitive rates, he said.